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Mortgage Rates Record Uptick

WRE News October 5, 2024

Buyer

Mortgage rates inched up in the latest Primary Mortgage Market Survey published by Freddie Mac (OTCQB: FMCC).

The 30-year fixed-rate mortgage averaged 6.12% as of Oct. 3, up from last week when it averaged 6.08%. A year ago at this time, it averaged 7.49%.

The 15-year FRM averaged 5.25%, up from last week when it averaged 5.16%. A year ago at this time, it averaged 6.78%.

“The decline in mortgage rates has stalled due to a mix of escalating geopolitical tensions and a rebound in short-term rates that indicate the market’s enthusiasm on rate cuts was premature,” said Sam Khater, Freddie Mac’s chief economist. “Zooming out to the bigger picture, mortgage rates have declined one and a half percentage points over the last 12 months, home price growth is slowing, inventory is increasing, and incomes continue to rise. As a result, the backdrop for homebuyers this fall is improving and should continue through the rest of the year.”

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